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The investment world has witnessed a significant shift with the introduction of nine spot bitcoin exchange-traded funds (ETFs), which have swiftly gathered over 300,000 BTC, equivalent to around $17 billion, since their launch on January 11. BlackRock’s IBIT and Fidelity’s FBTC are at the forefront, boasting holdings of 128,000 BTC ($7 billion) and 94,000 BTC ($5 billion) respectively, showcasing the investor community’s robust confidence in bitcoin. This collective achievement means these ETFs now control nearly 1.5% of the total bitcoin supply, outpacing giants like MicroStrategy and Tether in bitcoin assets.
This enthusiastic embrace of bitcoin ETFs is evidenced by a record $2.4 billion trading volume in a single day, highlighting the growing appeal of bitcoin as an investment. Conversely, Grayscale’s GBTC fund has experienced a downturn, highlighting a shift towards these newer, more dynamic investment vehicles. Amidst this, bitcoin’s value has surged by over 34% since the start of the year, illustrating the pivotal role these ETFs play in integrating cryptocurrency into the mainstream investment portfolio.
